In the file, Jeff Saut calls for a bottom very specifically when
he said:
"when you made your low,
which I think you made
yesterday, you had a sharp throwback rally and a retest"
also he refers to an intermediate low in these 2 areas too:
1) I don't think there will be any more compression of PE
ratios
2) last time NYSE McClellan Oscillator was this oversold was
during February 2009 and we all know what happened "out of
there"
He talks about undercutting the lows "marginally" when he talked
about the 1978-1979 decline.
But I think we are losing the big picture. The big picture
is that he is saying an intermediate bottom is in place.
Whether you undercut it or not marginally is kind of meaningless to
someone who has already lost 10-15% in the S&P.
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listen to the file again- he does say the low was made
Jeff Saut calls a bottom
Posted by rikkwan on 9th of Aug 2011 at 05:58 pm
In the file, Jeff Saut calls for a bottom very specifically when he said:
"when you made your low, which I think you made yesterday, you had a sharp throwback rally and a retest"
also he refers to an intermediate low in these 2 areas too:
1) I don't think there will be any more compression of PE ratios
2) last time NYSE McClellan Oscillator was this oversold was during February 2009 and we all know what happened "out of there"
He talks about undercutting the lows "marginally" when he talked about the 1978-1979 decline.
But I think we are losing the big picture. The big picture is that he is saying an intermediate bottom is in place. Whether you undercut it or not marginally is kind of meaningless to someone who has already lost 10-15% in the S&P.